Revogan
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 49 filings
Turnover
€17.8m▲ 1.1%
2024 · €17.6m
EBIT margin
3.2%▲ 0.9pp
2024 · 2.3%
Net result
€62,091▼ 68.7%
2024 · €198,503
Working capital
€2.4m▼ 3.9%
2024 · €2.5m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€17.8m
▲ 1.1%
2025
20182025
Operating result
€569,041
▲ 40.4%
2025
20182025
Net result
€62,091
▼ 68.7%
2025
middle half of the sector
20182025
EBIT margin
3.2%
▲ 0.9pp
2025
20182025
Equity
€2.9m
▲ 2.2%
2025
middle half of the sector
20182025
Total assets
€6.9m
▼ 14.2%
2025
middle half of the sector
20182025
Debt
€4.0m
▼ 23.1%
2025
20182025
Working capital
€2.4m
▼ 3.9%
2025
middle half of the sector
20182025
Solvency
42.1%
▲ 6.7pp
2025
middle half of the sector
20182025
Current ratio
1.65
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
0.9%
▼ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
21.5
▼ 1.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€13.6m-€13.6m▼ 0.3%€14.1m▲ 4.3%€14.7m▲ 3.8%€15.9m▲ 8.5%€17.3m▲ 8.7%€17.6m▲ 1.5%€17.8m▲ 1.1%
Operating result€0.1m-€0.08m▼ 40.1%€0.2m▲ 216%€0.3m▲ 23.5%€0.4m▲ 41.1%€0.3m▼ 21.5%€0.4m▲ 23.6%€0.6m▲ 40.4%
Net result€0.04m--€0.005m€0.1mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 23.4%€0.2mwithin the sector's middle half▲ 69.0%€0.2mwithin the sector's middle half▼ 22.9%€0.2mwithin the sector's middle half▲ 3.6%€0.06mwithin the sector's middle half▼ 68.7%
EBIT margin0.9%-0.6%▼ 0.4pp1.7%▲ 1.1pp2.0%▲ 0.3pp2.6%▲ 0.6pp1.9%▼ 0.7pp2.3%▲ 0.4pp3.2%▲ 0.9pp
Equity€1.9m-€1.9m▼ 0.3%€2.0mwithin the sector's middle half▲ 6.2%€2.2mwithin the sector's middle half▲ 7.2%€2.4mwithin the sector's middle half▲ 11.4%€2.6mwithin the sector's middle half▲ 7.9%€2.8mwithin the sector's middle half▲ 7.6%€2.9mwithin the sector's middle half▲ 2.2%
Total assets€6.1m-€6.2m▲ 1.7%€6.5mwithin the sector's middle half▲ 3.6%€7.2mwithin the sector's middle half▲ 11.0%€7.5mwithin the sector's middle half▲ 4.8%€8.1mwithin the sector's middle half▲ 7.7%€8.0mwithin the sector's middle half▼ 1.5%€6.9mwithin the sector's middle half▼ 14.2%
Debt€4.2m-€4.3m▲ 2.5%€4.4m▲ 2.5%€5.0m▲ 12.8%€5.1m▲ 2.0%€5.5m▲ 7.6%€5.2m▼ 5.8%€4.0m▼ 23.1%
Working capital€2.9m-€2.8m▼ 1.8%€2.7mwithin the sector's middle half▼ 4.6%€2.8mwithin the sector's middle half▲ 5.7%€2.7mwithin the sector's middle half▼ 5.4%€2.5mwithin the sector's middle half▼ 7.8%€2.5mwithin the sector's middle half▼ 0.8%€2.4mwithin the sector's middle half▼ 3.9%
Solvency31.3%-30.7%▼ 0.6pp31.5%within the sector's middle half▲ 0.8pp30.4%within the sector's middle half▼ 1.1pp32.3%within the sector's middle half▲ 1.9pp32.4%within the sector's middle half=35.3%within the sector's middle half▲ 3.0pp42.1%within the sector's middle half▲ 6.7pp
Current ratio2.26-2.18▼ 0.091.98within the sector's middle half▼ 0.201.94within the sector's middle half▼ 0.041.75within the sector's middle half▼ 0.191.59within the sector's middle half▼ 0.151.58within the sector's middle half▼ 0.021.65within the sector's middle half▲ 0.08
Return on assets (ROA)0.6%--0.1%▼ 0.7pp1.8%within the sector's middle half▲ 1.9pp2.0%within the sector's middle half▲ 0.2pp3.3%within the sector's middle half▲ 1.3pp2.4%within the sector's middle half▼ 0.9pp2.5%within the sector's middle half▲ 0.1pp0.9%within the sector's middle half▼ 1.6pp
Staff (FTE)25.7-25.9▲ 0.8%26.2within the sector's middle half▲ 1.2%25.1within the sector's middle half▼ 4.2%23.5within the sector's middle half▼ 6.4%24.4within the sector's middle half▲ 3.8%21.8within the sector's middle half▼ 10.7%21.5within the sector's middle half▼ 1.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 40% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.9m
Fixed assets
€890,149 ▼ 30.8%
Current assets
€6.0m ▼ 11.0%
Equity and liabilities €6.9m
Equity
€2.9m ▲ 2.2%
Debt
€4.0m ▼ 23.1%
Debt's share of the balance-sheet total falls from 64.7% to 57.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€698,511▲
2024 · €579,235
Cash flow
€191,561▼
2024 · €372,536
Quick ratio
1.00▲
2024 · 0.96
Debt to equity
1.38▼
2024 · 1.83
ROE
2.2%▼
2024 · 7.0%
Interest coverage
9.80▲
2024 · 7.16
Debt ≤ 1 year
€3.6m▼
2024 · €4.3m
Debt > 1 year
€320,402▼
2024 · €913,999
Income taxes
€193,584▲
2024 · €90,998
Customer credit
63 days▼
2024 · 73 days
Supplier credit
54 days▼
2024 · 94 days
Staff costs
€1.8m▼
2024 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 27 | 26 | 26 | 25 | 24 |
| full-time | 16 | 14 | 14 | 14 | 12 |
| part-time | 11 | 12 | 12 | 11 | 12 |
| in full-time equivalents | 24.1 | 22.9 | 22.6 | 21.8 | 20.6 |
| Average over the year, in full-time equivalents | 25.1 | 23.5 | 24.4 | 21.8 | 21.5 |
| On a permanent contract | 26 | 26 | 26 | 24 | 24 |
| Joined | - | 0 | 61 | 53 | 53 |
| Left | - | 0 | 61 | 54 | 54 |
| Agency workers, average number | 0.2 | 0.1 | 0.3 | 0.3 | 0.2 |
| Training hours | 65 | 83 | 256 | 64 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €0 | €0 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €746,196 | €656,877 | €878,724 | €1.3m | €1.4m |
| Mortgages, amount registered | €0 | - | - | - | €0 |
| Mortgage mandates | €619,734 | €1.1m | €1.1m | €1.1m | €1.1m |
| Carrying value of the mortgaged assets | €564,934 | €541,967 | €518,059 | €494,185 | €470,404 |
| Pledge on the business | - | - | - | €700,000 | €700,000 |
| Pledge on other assets, amount secured | €700,000 | €700,000 | €700,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €136,323 | €121,182 | €395,220 | €27,712 | €26,640 |
| Intangible fixed assets | - | - | - | - | €15,000 |
| Financial fixed assets | €328,784 | - | - | - | €0 |
| Depreciation and write-downs of the year | €190,563 | €161,314 | €190,414 | €174,033 | €129,470 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €8,385 | €8,005 | €8,500 | €9,100 | €9,284 |
| Other work by the auditor | €933 | €23 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 · 1 entry · €16,000 awardedSchemes
Public contracts
17 awards · 2020 to 2026
ACCORD-CADRE RELATIF A LA FOURNITURE DE DENREES ALIMENTAIRES (EPICERIE), POUR UNE DUREE DE 24 MOIS: PRODUIT DIETETIQUE (THON)
ACCORD-CADRE RELATIF A LA FOURNITURE DE DENREES ALIMENTAIRES (EPICERIE), POUR UNE DUREE DE 24 MOIS: PRODUITS DIETETIQUES (FRUITS)
ACCORD-CADRE RELATIF A LA FOURNITURE DE DENREES ALIMENTAIRES (EPICERIE), POUR UNE DUREE DE 24 MOIS: BOISSONS PROTEINEES
Droge voeding en dieetvoeding: Perceel 2 - Dieetvoeding
Leveren van Dieetvoeding: 2026/VOE/02 - 1
Show 12 more contracts
Raamovereenkomst voor de levering van diepvriesproducten voor een periode van maximum 4 jaar: Timbalen
Fourniture de produits alimentaires et assimilés pour les établissements dépendant du CPAS d'Ath - Années 2025 et 2026: Produits diététiques ou destinés à une alimentation particulière
Produits diététiques spécifiques: CF16-24 - 1
Denrées alimentaires 2025-2028: LOT 22 : CONSERVES DIETETIQUE (avec édulcorant)
Denrées alimentaires 2025-2028: LOT 24 : PATISSERIES SURGELEES (avec édulcorant)
Voeding (zuivel, gekoelde en diepvriesproducten, droge voeding, dranken en dieetvoeding): Dieetvoeding
Levering voeding WZC Heuvelheem: Dieetvoeding
Raamovereenkomst voeding: DECENTRALE LEVERING DIEETVOEDING
Fourniture de denrées alimentaires pour la Maison de repos - et de soins: Acquisition de produits diététiques
Levering van voedingswaren aan Zorggroep Lommel: Dieetproducten
Leveren diverse voedingswaren voor WZC Yserheem: Dieetvoeding
Levering voeding woonzorgcentrum Heuvelheem: Dieetvoeding
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.8m | €16.1m | €17.5m | €17.7m | €17.9m | ▲ 1.1% |
| Turnover70 | €13.6m | €13.6m | €14.1m | €14.7m | €15.9m | €17.3m | €17.6m | €17.8m | ▲ 1.1% |
| Other operating income74 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.2% |
| Non-recurring operating income76A | - | - | - | €0.03m | €0.01m | €0.002m | €0.003m | €0.01m | ▲ 276% |
| Operating charges60/66A | - | - | - | €14.5m | €15.7m | €17.2m | €17.3m | €17.4m | ▲ 0.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €10.0m | €10.8m | €11.8m | €11.9m | €12.1m | ▲ 1.7% |
| Purchases600/8 | - | - | - | €10.3m | €10.8m | €11.9m | €12.3m | €11.8m | ▼ 3.5% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | -€192 | -€0.01m | -€0.4m | €0.3m | - |
| Services and other goods61 | - | - | - | €2.6m | €2.9m | €3.1m | €3.4m | €3.1m | ▼ 9.1% |
| Remuneration, social security and pensions62 | - | - | - | €1.7m | €1.7m | €2.0m | €1.8m | €1.8m | ▼ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 25.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.009m | €0 | - | €0.2m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.04m | €0.05m | €0.07m | ▲ 59.8% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | €0 | €0.02m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €0.1m | €0.08m | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | €0.6m | ▲ 40.4% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.02m | €112 | €0.07m | ▲ 654× |
| Recurring financial income75 | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €112 | €0.07m | ▲ 654× |
| Income from current assets751 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | €0 | - |
| Other financial income752/9 | - | - | - | €0.02m | €0.02m | €0.02m | €112 | €0.07m | ▲ 654× |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €0.09m | €0.07m | €0.09m | €0.1m | €0.4m | ▲ 234% |
| Recurring financial charges65 | €0.09m | €0.09m | €0.08m | €0.09m | €0.07m | €0.09m | €0.1m | €0.1m | ▼ 6.8% |
| Debt charges650 | €0.07m | €0.07m | €0.07m | €0.07m | €0.06m | €0.07m | €0.08m | €0.07m | ▼ 11.9% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 5.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.3m | - |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.01m | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 11.7% |
| Income taxes67/77 | €0.04m | €0.02m | €0.06m | €0.08m | €0.1m | €0.07m | €0.09m | €0.2m | ▲ 113% |
| Taxes670/3 | - | - | - | €0.08m | €0.1m | €0.07m | €0.09m | €0.2m | ▲ 113% |
| Profit (loss) for the period9904 | €0.04m | -€0.005m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.06m | ▼ 68.7% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | -€0.005m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.06m | ▼ 68.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.1m | €6.2m | €6.5m | €7.2m | €7.5m | €8.1m | €8.0m | €6.9m | ▼ 14.2% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.1m | €1.3m | €1.3m | €1.5m | €1.3m | €0.9m | ▼ 30.8% |
| Intangible fixed assets21 | €0.02m | €0.008m | €75 | €0 | - | €0 | €0 | €0.01m | - |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €1.1m | €0.9m | €0.8m | ▼ 11.0% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 4.8% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.1m | €0.4m | €0.3m | €0.3m | ▼ 8.3% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.05m | ▼ 52.5% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.4m | €0.4m | €0.4m | €0.4m | €0.05m | ▼ 85.6% |
| Affiliated companies280/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.05m | ▼ 86.1% |
| Participating interests280 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.05m | ▼ 84.8% |
| Amounts receivable281 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0 | ▼ 100% |
| Other financial fixed assets284/8 | - | - | - | €0.001m | €0.001m | €0.003m | €0.002m | €0.002m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.001m | €0.001m | €0.003m | €0.002m | €0.002m | = |
| Current assets29/58 | €5.1m | €5.2m | €5.4m | €5.9m | €6.3m | €6.6m | €6.7m | €6.0m | ▼ 11.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.07m | - | - | - |
| Other amounts receivable291 | - | - | - | - | - | €0.07m | - | - | - |
| Stocks and contracts in progress3 | €2.0m | €1.9m | €2.0m | €2.3m | €2.3m | €2.3m | €2.6m | €2.4m | ▼ 10.2% |
| Stocks30/36 | - | - | - | €2.3m | €2.3m | €2.3m | €2.6m | €2.4m | ▼ 10.2% |
| Goods purchased for resale34 | - | - | - | €2.3m | €2.3m | €2.3m | €2.6m | €2.4m | ▼ 10.2% |
| Advance payments36 | - | - | - | €0.006m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €2.8m | €3.0m | €3.0m | €3.2m | €3.5m | €3.8m | €3.8m | €3.3m | ▼ 13.1% |
| Trade receivables40 | - | - | - | €3.1m | €3.4m | €3.7m | €3.5m | €3.1m | ▼ 12.9% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.09m | €0.1m | €0.3m | €0.2m | ▼ 16.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.2m | €0.3m | ▲ 11.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 24.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.1m | €6.2m | €6.5m | €7.2m | €7.5m | €8.1m | €8.0m | €6.9m | ▼ 14.2% |
| Equity10/15 | €1.9m | €1.9m | €2.0m | €2.2m | €2.4m | €2.6m | €2.8m | €2.9m | ▲ 2.2% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €1.2m | €1.2m | €1.3m | €1.5m | €1.7m | €1.9m | €2.1m | €2.2m | ▲ 2.9% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €1.4m | €1.6m | €1.8m | €2.0m | €2.1m | ▲ 3.0% |
| Amounts payable17/49 | €4.2m | €4.3m | €4.4m | €5.0m | €5.1m | €5.5m | €5.2m | €4.0m | ▼ 23.1% |
| Amounts payable after more than one year17 | €2.0m | €1.9m | €1.7m | €2.0m | €1.5m | €1.3m | €0.9m | €0.3m | ▼ 64.9% |
| Financial debts170/4 | - | - | - | €2.0m | €1.5m | €1.3m | €0.9m | €0.3m | ▼ 64.9% |
| Credit institutions173 | - | - | - | €0.3m | €0.2m | €0.4m | €0.4m | €0.3m | ▼ 12.4% |
| Other loans174 | - | - | - | €1.7m | €1.3m | €0.8m | €0.5m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | - | - | €0 | - | - | - |
| Amounts payable within one year42/48 | €2.3m | €2.4m | €2.7m | €3.0m | €3.6m | €4.2m | €4.3m | €3.6m | ▼ 15.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.1m | €0.2m | €0.2m | ▼ 22.1% |
| Financial debts43 | - | - | - | €0.4m | €0.4m | €0.4m | €0.7m | €0.9m | ▲ 27.8% |
| Credit institutions430/8 | - | - | - | €0.4m | €0.4m | €0.4m | €0.7m | €0.9m | ▲ 27.8% |
| Trade debts44 | €1.5m | €1.7m | €1.8m | €2.2m | €2.8m | €3.3m | €3.1m | €1.8m | ▼ 41.3% |
| Suppliers440/4 | - | - | - | €2.2m | €2.8m | €3.3m | €3.1m | €1.8m | ▼ 41.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 18.5% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.1m | €0.03m | €0.08m | ▲ 173% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 0.6% |
| Other amounts payable47/48 | - | - | - | €136 | €136 | €136 | €45 | €0.4m | ▲ 9,387× |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | - | €0.04m | - | €0.04m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,360 | -€4,882 | €119,025 | €146,932 | €248,376 | €191,568 | €198,503 | €62,091 | ▼ 68.7% |
| + Depreciation and write-downs630 | €237,518 | €200,311 | €175,918 | €190,563 | €161,314 | €190,414 | €174,033 | €129,470 | ▼ 25.6% |
| Operating cash flow (approximation) | €272,879 | €195,429 | €294,943 | €337,495 | €409,689 | €381,982 | €372,536 | €191,561 | ▼ 48.6% |
| Investment in fixed assets (approximation) | - | -€230,672 | -€180,184 | -€465,108 | -€96,220 | -€397,220 | €7,549 | €267,142 | ▲ 35× |
| Change in cash | - | €13,457 | €71,587 | €38,193 | €105,239 | €11,635 | -€254,587 | €25,980 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as Revogan has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Revogan itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for Revogan. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-06-2026 | 2026-00187952 | |
| 31-12-2024 | full format | 10-12-2025 | 2025-00581195 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00138250 | |
| 31-12-2022 | full format | 20-06-2023 | 2023-00144202 | |
| 31-12-2021 | full format | 22-06-2022 | 2022-20081784 | |
| 31-12-2020 | full format | 22-06-2021 | 2021-22600222 | |
| 31-12-2019 | full format | 18-06-2020 | 2020-17900507 | |
| 31-12-2018 | full format | 18-06-2019 | 2019-19600180 | |
| 31-12-2017 | full format | 20-06-2018 | 2018-20800148 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-19200291 |